Laserfiche WebLink
maintenance, and other necessary services. Borrower or its Management Agent shall <br />place orders for such equipment, tools, appliances, materials, and supplies as are <br />necessary to maintain and repair the Development properly. <br />J. Records and Reports. <br />1) Borrower or its Management Agent shall establish and maintain a comprehensive <br />system of records, books, and accounts in a manner consistent with industry <br />standards. <br />2) Upon Lender's written request, Borrower or its Management Agent shall deliver to <br />Lender any requested and available annual financial statements for the Development, <br />beginning in the year in which the request is made, by March 31St of each year. <br />3) Borrower or its Management Agent will furnish such information as may be requested <br />by Lender from time to time with respect to the financial, physical, or operational <br />condition of the Development. <br />4) Borrower shall file periodic reports with Lender from the time the Loan is disbursed <br />until the Loan has been fully used or repaid, which shall at a minimum, state the <br />manner in which Borrower has used the proceeds of the Loan. Reports must be <br />supported by appropriate documentation. <br />5) Borrower shall prepare, execute, and file all forms, reports, returns required by law in <br />connection with the employment or personnel, including unemployment insurance, <br />workman's compensation insurance benefits, or taxes now in effect or hereafter <br />imposed. <br />K. Compliance of Residents. <br />1) Borrower or its Management Agent shall at all times during the term of this Loan <br />Agreement operate and maintain the Development according to the highest standards <br />achievable. Borrower or its Management Agent shall secure full compliance by the <br />residents with terms and conditions of their respective leases. <br />2) Borrower or its Management Agent may lawfully terminate any tenancy when, in its <br />judgment, sufficient cause occurs under the terms of the resident's lease. <br />Documentation of eviction will be on file with Borrower or its Management Agent. <br />3) Borrower is authorized to consult with legal counsel to bring actions for eviction and <br />to execute notices to vacate and to commence appropriate judicial proceedings. <br />7 <br />